It wouldn’t be a financial crisis in Korea without the authorities bitching about the foreign press.
Government authorities are livid about “malicious” foreign press reports that they believe are provoking an economic crisis in Korea, reports the Hanguk Ilbo.
Here’s an English report in the Korea Times:
The government is reacting sensitively to the foreign press, which it says “exaggerate” financial market troubles in the country.
“Foreign media say that the domestic banking industry is in trouble, but very often they make reports without fully understanding the facts,” Financial Supervisory Service (FSS) Governor Kim Jong-chang said in a press conference Thursday.
The financial regulator as well as the government are promptly issuing press release’s that refute the bad news.
Papers to get bitched out include the Financial Times (something of a tradition), the IHT and Dow Jones.
“Wrong and exaggerated reports by some foreign media are exacerbating the won-dollar rate. We will aggressively cope with this,” said Choi Jong-ku, director general of the international financial bureau at the ministry.
The government’s sensitive reaction to these reports is based on the determination that they worsen market sentiment. Some believe that foreign media’s exaggerated news made Korea suffer more than it should have during the Asian financial crisis. However, other people point out that Korea’s conservative media kept reporting that there was no such crisis just days before Korea asked the International Monetary Fund (IMF) for a bailout loan.
Here’s an English piece in the Dong-A Ilbo, too. You’ll note the Financial Times coming in for a good deal of abuse — I’d be curious to see what the Dong-A actually said about those reports at the time.
10 Comments
Although it’s rather pathetic of them to be playing the xenophobic blame game once again, they have a point. A weaker won helps exports. It’s pretty much business as usual.
If they have a point, how is it xenophobic to make the point?
Because they are Korean, dipstick.
How fucking stupid do you have to be to not know that all Koreans and their institutions are racist, thieving, dirty bastards.
If you don’t know how xenophobic Koreans are then you must be a racist too.
Excuse my French.
I C
Remember, in Korea the gov’t has much more control over the media than in the West (and this is the most conservative newspaper in Korea). This article is just hilarious to me. As the Korean stock market has dropped nearly 30% since the end of July and the Won has depreciated nearly 70% since May the politicians are still trying to say there’s nothing wrong and that this is all make believe.
Gotta love these people.
Nix that whole most conservative newspaper part. I misread. I thought it was the Chosun Ilbo.
“Remember, in Korea the gov’t has much more control over the media than in the West (and this is the most conservative newspaper in Korea)”
Not to bundle all western countries into one, but upon prejudicial basis do you make this statement.
Or have you forgotten magical mystery tour that is Iraq and the multicolored WMDs allready. Try reading back copies of the hallowed NYtimes, washington post. Our dipstick journalists are as equally fallible.
If not worse.
StKY, just because you dont understand something doesnt mean it is wrong.
Gotta love these people.
“Because they are Korean, dipstick.
How fucking stupid do you have to be to not know that all Koreans and their institutions are racist, thieving, dirty bastards.
If you don’t know how xenophobic Koreans are then you must be a racist too.
kerplunk”
Not that I don’t disagree with what you about some aspects of Korean society, but such comment make you look like, forgive my vernacular, a retard.
Not that I don’t disagree with what you about some aspects of Korean society, but such comment make you look like, forgive my vernacular, a retard.
I think the cheeky monkey was using irony.
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